- FET’s long/short ratio stood at 0,90, showing a bearish attitude among traders.
- The top 53.2% traders were short-term, and the rest held long-term positions.
An ongoing negative market mood is a concern. Artificial Superintelligence Alliance Price Prediction [FET] It is likely to see a huge price drop as it has failed to maintain a critical support level.
Similarly, major cryptocurrencies including Bitcoin [BTC], Ethereum [ETH] Prices have dropped significantly in the last 24 hours.
Current price momentum
FET traded near $1.35 at the time of publication, following a 4.7% price drop in the previous 24 hours. In the same time frame, FET’s trading volume decreased by 4,9%, which indicates a decrease in participation.
FET broke through a key trendline and a consolidation zone on a daily basis.
The daily candle closed below the zone of consolidation, confirming that this was a successful break.
TradingView
On the basis of historical price trends, the FET price is likely to drop 20% in coming days and reach $1.03 levels.
Despite its bearish outlook the Relative Strength Index is oversold, which suggests a possible price recovery.
This is unlikely to happen at this time, given the current bearish sentiment on the market.
The bearish on the chain metrics
On-chain metrics support altcoins’ negative view.
The on-chain analysis firm CoinglassThe FET Long/Short Rate was 0.90 as of the press release, showing a bearish attitude amongst traders.
Coinglass
The Futures Open Interest has also fallen steadily over the last 24 hours, indicating a bearish sentiment in the market.
As of press time, 52.2% top traders had short positions while the remaining 46.8% were long.
Coinglass data shows that traders are over-leveraging at the levels where liquidation is at $1.30 and $1.38.
Coinglass
If FET drops from $1.30 to the same price as the market, then nearly $807k worth of positions long will be liquidated.
In the event that sentiments change and prices rise to $1.38 or higher, short positions worth approximately $2.17 will need liquidation.
Click Here to Read Artificial Superintelligence Alliance’s [FET] Price Prediction 2024–2025
These data show that over the last 24-hours, short sellers made significant bets against short positions.
Combining technical analyses with metrics on the chain, like open interest or the Long/Short Rate, we can see that the bears have a strong hold over the asset and are likely to cause a price drop.
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Source: ambcrypto.com
